High Speed Steel (HSS) Tools Market Forecasts to 2028 – Global Analysis By Fabrication (Coated, Non-Coated), Tool Type (Round Bits, Rotary Burrs), End User (Furniture & Carpentry, Oil & Gas) and By Geography
According to Stratistics MRC, the Global High Speed Steel (HSS) Tools Market is accounted for $5.19 billion in 2020 and is expected to reach $9.54 billion by 2028 growing at a CAGR of 7.9% during the forecast period. Efficiency and interoperability of HSS tools and increasing investments in mechanical equipment are the major factors propelling the market growth. However, HSS tools are less effective at creating good quality surface finishes is hampering the market growth.
High-speed steel contains a set of tool steel alloys named for their ability to cut materials faster than traditional high-carbon steels formerly used in cutting tools. This is on account of exceptional hardness, abrasion resistance, and resistance against softening at high temperatures, due to the alloying metals and heat treatment used.
Based on the end user, the automotive and transportation segment is estimated to have a lucrative growth due to the huge amount of capital to develop the automotive and transportation sector, with the influx of EVs and hybrids. Moreover, advancements in the production of automotive vehicles and their parts have created a huge scope for the application of HSS tools in this segment.
By geography, North America is going to have a huge demand during the forecast period due to the rising domestic manufacturing sector output indices and the emergence of DIY-based power tools. In addition, prominent end-use sectors such as the automotive and construction sectors in the U.S are expected to drive the market.
Some of the key players profiled in the High Speed Steel (HSS) Tools Market include CERATIZIT S.A., Gühring KG, Kennametal Inc., KYOCERA Corporation, Mitsubishi Materials Corporation, OSG Corporation, RUKO GmbH, Sandvik AB, Stanley Black & Decker, Inc, Sumitomo Electric Hartmetall GmbH, TDC Cutting Tools Inc., Tiangong International Co. Ltd., TTI Group, Walter AG, YG-1 Co., Ltd.
Tool Types Covered:
• Drill Taps
• Drill Blanks and Sets
• Square Tool Bits
• Round Bits
• Rotary Burrs
• Hole Saws
• Machine Based
• Hand Based
End User Covered:
• Metal Fabrication
• Automotive and Transportation
• Heavy Machinery
• Furniture & Carpentry
• Oil & Gas
• Do It Yourself (DIY)
• Other Manufacturing
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Select License Type
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.